An­other dis­rup­tion fac­ing the bank­ing in­dus­try is the fi­nance tech­nol­ogy revo­lu­tion; fin­tech firms are offering tra­di­tional fi­nan­cial prod­ucts and promis­ing con­sumers lower costs and bet­ter ser­vice, all of which have to sound at­trac­tive to a new gen­er­a­tion of con­sumers.

Niche prod­ucts like tax pool­ing – put in place with the IRD – have ap­peared and rapidly gained trac­tion with busi­nesses which ei­ther don’t im­me­di­ately have the cash flow to meet their tax obli­ga­tions, or pre­fer to put the money to an­other use. “In essence, by pro­vid­ing a cash flow so­lu­tion for busi­nesses, we en­sure com­pa­nies can pay their tax on time,” says Chris Cun­niffe, CEO of Tax Man­age­ment NZ. “Tax can eat up a fair chunk of cash flow and we’re offering an al­ter­na­tive that can be ar­ranged within min­utes.” Es­tab­lished in 2003, Tax Man­age­ment has worked with thou­sands of NZ busi­ness look­ing for a smarter way to con­trol their tax pay­ments, he says.

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